Examples of Severe Financial Hardship in a sentence
Severe Financial Hardship means that the Relevant Person is unable to provide themselves, their family or other dependents with basic necessities such as food, accommodation and clothing, including as a result of family tragedy, financial misfortune, serious illness, impacts of natural disaster and other serious or difficult circumstances.
Criteria for Severe Financial Hardship 1The participant’s income must not exceed the Department of Human Services income thresholds for the low income health care card, as outlined below.
Your tax liability would not normally constitute a Severe Financial Hardship unless you have no other means of satisfying the liability.
The purchase of a home or payment of college tuition is not a Severe Financial Hardship.
The Committee shall require such evidence as is reasonably necessary to determine if a distribution is warranted and satisfies the requirements of a Severe Financial Hardship pursuant to Code § 409A.